Show in detail

Assume that the value of each share of Kingfisher stock is $3,000. As to these transactions, provide the following information: a. Seth's recognized gain or loss. Identify the nature of any such gain or loss b. Seth's basis in the Kingfisher Corporation stock. c. Kingfisher Corporation's basis in the inventory d. Pete's recognized gain or loss. Identify the nature of any such gain or loss e. Pete's basis in the Kingfisher Corporation stock. f. Kingfisher Corporation's basis in the equipment. g. Cara's recognized gain or loss h. Cara's basis in the Kingfisher Corporation stock. i. Kingfisher Corporation's basis in the proprietary process j. Jen's recognized gain or los k. Jen's basis in the Kingfisher stock. s. 7. LO.1, 3 Tom and Gail form Owl Corporation with the following consideration